Why Cant I Borrow Money From Cash App?

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Why Cant I Borrow Money From Cash App?

One of the most common issues people have when attempting to borrow money using Cash App Borrow is being denied the loan. Cash App, like any loan application, has stipulations and criteria that must be met to qualify for a potential loan.

If for some reason, Cash App determines that you do not meet these criteria, you will not be able to complete the loan process using Cash App Borrow. This can be frustrating, as it is sometimes difficult to accurately determine the reason that you have not been approved for a loan through Cash App Borrow.

This guide will help determine the reason that you have been denied a loan through Cash App Borrow as well as ways that you can attempt to resolve these issues. As with any loan application, there are quite a few conditions that you must meet to be eligible to use Cash App Borrow.

You should use this guide to ensure that you meet all of the criteria for an acceptable application which will better the chances of your loan being approved. Typically, Cash App Borrow has a high approval rate than many other personal loan types.

How To Unlock Cash App Borrow

If you wish the check your eligibility by applying for a loan through Cash App Borrow, you will need to first open your Cash App application on your mobile device. Once you have opened Cash App on your device, you will need to tap the Banking icon found in the lower left corner of your screen.

In the Banking menu, you will find the Borrow submenu. In the Borrow submenu, you will see the Unlock option which will allow Cash App to evaluate your borrowing credentials. Once Cash App has determined your eligibility, it will issue a maximum borrow amount for your account.

Once you have been approved, you can simply enter in the amount you wish to borrow and Cash App will automatically begin the process of issuing your loan.

Keep in mind that you will incur a five percent flat fee for the processing of your loan. You will have four weeks to pay back your loan with an additional week’s grace period before incurring any late fees.

Late fees are 1.25 percent of your total loan price. If you fail to meet your payment dates excessively, you could risk having your account closed and sent to collections. Cash App Borrow is like any loan and will require you to pay it back in a timely manner or else risk damaging your credit score.

If you have gone through the process of applying for a loan using Cash App Borrow and have been denied for some reason, you will need to use the information provided in the section below regarding reasons for loan denial to help resolve this.

Why Cant I Borrow Money From Cash App?

The next part of this guide will focus on the different reasons that your loan application has been denied by Cash App. Like any personal loan, Cash App Borrow has several criteria that you must meet before being considered for a loan.

These stipulations commonly include credit score, Cash App history, location, and many other factors that could affect the eligibility of your application for a loan.

All of these common causes will be discussed in detail in the list below, as well as common troubleshooting methods that you can consider for resolving these issues.

There is no limit to the number of times that you can attempt to apply for a loan using Cash App Borrow. That being said, excessive loan rejections could have an adverse effect on your credit score. You should use this list to help better your chances of receiving your loan first try.

1. It Is Not Available In Your Country

Cash App Borrow is a relatively new feature of the app. Because of this, it has not yet seen widespread release across many different parts of the world.

Currently, Cash App Borrow is only available in the United States. If you live outside of the United States, you will not have access to the Cash App Borrow feature until it is released in your region.

This can be frustrating but it is important to stagger the release of major software updates to ensure that they are functioning properly. You should consider the troubleshooting method listed below to help you resolve these types of issues.

Fix: Wait For It To Be Released In Your Country

The only thing that you will be able to do if the Cash App Borrow feature is not currently available in your region is to wait. It is likely that eventually, the Cash App Borrow feature will be released in an update for your region.

While there is no specific timeline currently outlined for the release of the Cash App Borrow feature for other regions, it is likely that it will be sometime in the near future. You should monitor Cash App’s website and social media accounts for more information regarding updates for your area.

2. Poor Credit History

Cash App does a soft credit check when you apply for a loan through the Cash App Borrow feature. When this happens, if your credit score or credit report does not meet the criteria for eligibility, this will cause your loan application to be denied.

This can be frustrating but like any loan, your credit information will play a vital role in determining whether you are eligible or not.

Generally, you want your credit score to be at least 650 before applying for any type of personal loan. This will greatly increase your chances of being approved for relatively high loan amounts.

That being said, it is totally possible to get a personal loan with a credit score as low as 600. This is not ideal but you still may have a chance of being approved.

Your credit report will also be reviewed when applying for a loan. If you have a significant amount of delinquent payments or negative marks on your report, this will cause your loan to be denied.

Fix: Fix Your Credit Report

You should attempt to fix your credit report by removing derogatory marks and raising your credit score. Dealing with credit issues is one of the most universal frustrating experiences.

Some of the things you can do to improve your credit report are paying down your balances, paying bills on time, and paying off any money that you owe that has been reported to your credit score.

You can also consider disputing any accounts that have fallen into collections. Credit departments are required to keep up with all of the information regarding your credit accounts that they say have fallen into collection status.

Because of this, if you have an account in collections from many years ago, you might be able to dispute it to have the charges dropped off your account if they have erased the records from their system over the years.

This is a good way to get rid of derogatory marks on your credit history. Keep in mind that if you choose to dispute an account that has fallen into collections, this could open you back up to collections and reset the seven-year timeframe that it takes for it to fall off of your account on its own.

A secured credit card is another good option for fixing your credit score issues. A secured credit card requires a deposit to establish a line of credit. Using this secured line of credit, you can build your credit score with very little liability from your credit card company.

3. You Have A Negative Balance

If you have a negative Cash App balance, you will not be able to apply for a loan successfully using the Cash App Borrow feature. Cash App uses your account history and balances to determine your eligibility for a loan.

If your account is negative, this will trigger your loan application to be automatically denied. You should ensure that your account is never, or rarely in the negative if you plan on attempting to use the Cash App Borrow feature to get a loan.

Fix: Pay Off Negative Balance

You should pay off your negative Cash App balance as soon as possible. This will help better your chances of being approved for your loan.

While Cash App will still take into consideration the once negative status of your account, you will have a much greater chance of being approved once you have shown that you have resolved the negative balance.

If your account is in the negative for too long or too frequently, you risk having your account suspended and your use of the Cash App application completely restricted. You should avoid having a negative balance on Cash App.

4. You Are A Non-Verified Cash App User

If you have only recently made your account and have not yet verified your account through email or text, then you will not be able to access the Cash App Borrow features.

Only verified users that have linked their bank accounts and payment methods to the application and responded to the account verification email or text will be eligible for a loan.

Fix: Verify Your Account

You will need to verify your account before you are eligible for a loan through the Cash App Borrow feature.

To verify your account, you will first need to answer the verification email or text that you receive after signing up for your account.

Once you have done this, you will then be required to link a bank account or valid payment method to your Cash App account.

After you have completed this process, your account will be verified by Cash App within 24 hours. Cash App will alert you that your account has been verified through email, text, or in-app notification.

5. You Violated Cash App Terms Of Service

If you have somehow violated Cash App’s Terms Of Service, it is likely that your loan application will be denied. All users of the Cash App application agree to be bound by the Terms Of Service when signing up to use the application.

If Cash App has determined that your account is exhibiting activity that is outside of the Terms Of Service, you will likely have your account privileges restricted or suspended outright.

This will cause you to not be able to apply for a loan and in some instances keep you from using your account completely. It is important to adhere to the Terms Of Service outlined by Cash App to use the application properly.

Fix: Create A New Account

If your account has been suspended for violating the Cash App Terms Of Service, you can consider making a new account to help you access the application.

You should consider using a different payment method if possible when signing up for your new account. This will keep Cash App from determining that you are a suspended user trying to access the application.

6. Your Usage Of Cash App Is Not The Best

If you do not frequently use the Cash App application, it is likely that you will not qualify for a loan through Cash App Borrow. Cash App considers your application use history when determining your loan eligibility.

If you have not been using the application to make transactions often or have a new account, you will likely not qualify for a loan till you have used the application more.

Fix: Increase Frequency Of Transactions

You should increase the frequency of your transactions on the application to help better your chances of being approved for a loan through Cash App Borrow.

This will show Cash App that you have been active on the application and help determine the likelihood of you paying back your loan in the allotted time.

7. Cash App Server Issues

One main reason you could be experiencing issues with your Cash App loan application is server issues at Cash App. If the servers are down, you will likely experience many issues with connectivity and functionality while using the app, including not being able to properly process loan applications.

Servers are what enable users to connect and communicate effectively through any type of social media application. Server outages are rare, however, and typically only happened during times of scheduled maintenance.

That being said, server overloads are possible and will cause you to not be able to access certain network features and will cause issues when trying to process your Cash App Borrow loan.

You can check the status of the Cash App servers on the website of their social media accounts.

Server outages are a widespread issue that affects many users of the Cash App application at once. You will have to wait for the server issues to be resolved before you will be able to use the Cash App application.

You will likely not be able properly to access your account during a server outage due to the application’s current inability to gather accurate data that matches your account. This will cause you to not be able to apply for a loan properly.

Fix: Wait For Cash App Servers To Correct Itself

If the Cash App servers are currently down, the only thing you will be able to do is to wait for the issue to be resolved. Cash App server outages are rare and typically only happen during short periods of required maintenance.

That being said, server overloads and crashes are still possible. Keep an eye out on Cash App’s website or social pages for more information regarding any ongoing server outages or scheduled maintenance.

You can expect server outages to be resolved within two hours. More severe server issues could cause the downtime to greatly exceed this estimation. For server overloads, the downtime you can expect is around five to six hours.

During Cash App server outages, you will likely not be able to access your account or apply for a loan till it is resolved.

8. You Have Encountered A Bug

Bugs and glitches are common causes of all sorts of issues on the Cash App application. These types of errors are typically caused by runtime errors or application hang-ups that cause issues with functionality.

Bugs and glitches typically occur randomly and resolve themselves on their own, without any action needed from the user. That being said, in some cases bugs and glitches can be persistent and need to be addressed before you will have full functionality of your Cash App application.

You should consult the list of troubleshooting methods found later in this guide to help you resolve these types of issues.

As previously mentioned, bugs and glitches that are persistent will need to be addressed before you will be able to properly use Cash App and its features.

While your Cash App application is experiencing bug-related issues, it is possible that you will not be able to properly apply for a loan using Cash App Borrow. This can be frustrating, but the troubleshooting methods contained later in this guide can help your resolve these issues.

Fix: Log Out And Log In

Logging in and out of the Cash App application can help encourage the application to resolve any account issues you are facing that could be keeping your account from functioning correctly.

Like any application, the Cash App application can get hung up due to bugs and glitches. These could cause your Cash App application to not work correctly.

Logging in and out of your account will refresh your application and encourage the resolution of any errors that your application could be experiencing.

This can force account privileges to be reevaluated and processed correctly if they were experiencing issues due to some internal error the application is experiencing.

Fix Two: Clear Cash App Cache

How you clear your Cash App cache will depend on the type of device that you are currently using to access Cash App. The list below will walk you through the process for popular mobile devices and web browsers that are most commonly used to access Cash App.

If you are using Google Chrome to access Cash App, you will first need to click the three dots at the top right corner of your screen. This will bring up a menu where you can find the More Tools tab.

In the More Tools tab, you will find the option to Clear Browsing Data. Click this option and choose the All-Time option. Finally check the Cached Images & Files box and click Clear Data. This will successfully clear your Cash App cache in Google Chrome.

If you are using Firefox, you will first need to open the Firefox menu at the top of the screen. Navigate to the History tab and you will find the option to Clear Recent History.

Click on Clear Recent History and approve the clearing of Everything and check the Cache box. Once this has been done click Clear Now and you will have successfully deleted your Cash App cache on Firefox.

If you are using an Android device to access Cash App, you will need to open your device’s Settings menu and then open the Apps menu. In the Apps menu, you will see the Cash App application. Tap into the Cash App application menu and select Storage.

In the Storage menu, you will find the option to clear all of your cache data related to the Cash App application.

If you are on an iPhone, you simply need to delete the Cash App application from your device and reinstall it to successfully clear the cache.

After you have successfully cleared your Cash App cache, the location issues that you are experiencing have a good chance of being automatically resolved.

Keep in mind that these files will immediately begin to be replaced by new cache files. You should consider clearing your cache periodically as it begins to grow larger in size.

Fix Three: Update The App

If you are having issues, it could be because the version of Cash App you are using is out of date. Cash App releases periodic updates that improve functionality and user experience on the app. The updates also serve to fix bugs and glitches that they have been made aware of.

Keeping your Cash App application up to date is vital for an optimal experience. If you let your application fall behind on updates, you run the risk of encountering errors and bugs with your Cash App functions more frequently.

Fix Four: Reinstall Cash App

Common errors caused by these types of issues are login issues and general messaging issues. These can be frustrating and can hinder your ability to use the Cash App application.

When this happens, a reinstall can help encourage the resolution of these errors and restart the application running fresh. This is a good solution for many problems people encounter on the Cash App application.

To reinstall the Cash App application, you will need to delete the application from your device completely. Once you have done this, you will have to redownload the Cash App application from the app store and reinstall it on your device.

This will replace all of the files associated with the Cash App application with new ones. This process will remove any damaged or corrupted files that were potentially causing your issues.

Fix Five: Contact Cache App

If you are experiencing persistent issues with your Cash App application, you should consider contacting Cash App support so they can investigate your issue further.

You should only consider this once you have attempted all of the troubleshooting methods listed here, as Cash App support will likely suggest many of the methods on this list.

You can contact Cash App Support on their website or through the app. There you will find detailed instructions on how to report your issue.

First, you will need to provide a detailed account of your problem which will then be investigated by someone at Cash App Technical Support.

Cash App Support will walk you through any troubleshooting methods that you might have missed and offer detailed suggestions on how to successfully solve your issue.

This method requires some patience, as dealing with customer service on the phone can be frustrating. Rest assured that Cash App Support will do all they can to get your application functioning properly.

Final Thoughts

This guide has provided you with all the information that you need to better your chances of being approved for a loan through Cash App Borrow.

Using the information provided in this guide can help you determine the reasons you might have been denied and offer solutions to resolve the issues.

David Johnson is a freelance writer with 9 years of experience writing for Techzillo and other established tech outlets like iMore. His focus and key interests are Apple and accessibility as well as consumer technology in general. Read our Editorial Guidlines and Fact Checking process.

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